Royalty Stream Stabilizes

The renewed global patent license primarily preserves Qualcomm's high-margin licensing revenue while Apple continues using its own modem roadmap. This is the base case because Apple's in-house modem reduces chip dependence but does not remove the need to license Qualcomm's cellular standard-essential patents.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.